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      <h1 class="text-3xl lg:text-4xl font-bold text-white mb-6 leading-tight">RWA</h1>

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          2025-08-05
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        <p class="text-gray-300 leading-relaxed italic">Real‑World Assets</p>
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        <h2 id="现在最火的-rwa-是什么为什么火">现在最火的 RWA 是什么？为什么火？</h2>
<p><strong>1) 美元短债/货币基金的代币化（Tokenized U.S. Treasuries &amp; MMFs）</strong></p>
<ul>
<li>2025 年这条赛道领跑，<strong>代币化国债与货币基金规模在 2025 年 3 月首次突破 50 亿美元</strong>，且持续增长。该赛道由 BlackRock（BUIDL）、Franklin Templeton（BENJI）、Janus Henderson‑Anemoy（JTRSY）、OpenEden（TBILL）、Superstate（USTB）等推动。(<a href="https://www.coindesk.com/markets/2025/03/25/tokenized-treasuries-hit-usd5b-milestone-as-fidelity-investments-touts-rwa-potential-as-collateral?utm_source=chatgpt.com" title="Tokenized Treasuries Hit $5B Milestone as Fidelity ... - CoinDesk">CoinDesk</a>)</li>
<li><strong>大量交易平台开始把这类资产作为低波动抵押品</strong>（可同时赚取利息并用于保证金），典型如 Crypto.com 与 Deribit 接受 BlackRock 的 BUIDL 作为交易抵押物，显著提升了实用性与资金效率。(<a href="https://www.prnewswire.com/news-releases/blackrocks-buidl-tokenized-by-securitize-accepted-as-collateral-on-cryptocom-and-deribit-302484633.html?utm_source=chatgpt.com" title="BlackRock's BUIDL, Tokenized by Securitize, Accepted as Collateral on ...">PR Newswire</a>, <a href="https://www.coindesk.com/markets/2025/06/18/blackrocks-29b-tokenized-treasury-fund-now-accepted-as-collateral-on-cryptocom-deribit?utm_source=chatgpt.com" title="RWA News: BlackRock’s $2.9B Tokenized Treasury Fund BUIDL Accepted as ...">CoinDesk</a>, <a href="https://www.forbes.com/sites/digital-assets/2025/06/18/major-crypto-exchanges-to-accept-blackrocks-29-billion-tokenized-money-market-fund-as-collateral/?utm_source=chatgpt.com" title="Major Crypto Exchanges To Accept BlackRock’s $2.9 Billion ... - Forbes">Forbes</a>)</li>
<li><strong>2025 年代币化国债/货币基金资产同比大幅上升</strong>，RWA.xyz 与金融媒体的合并数据显示，<strong>仅“代币化货币基金”口径在一年里增长到约 52 亿美元</strong>，且越来越多加密参与者把**“有收益的美元替代”**作为稳定币的升级路线。(<a href="https://www.coindesk.com/markets/2025/04/09/tokenized-funds-rapid-growth-comes-with-red-flags-moody-s?utm_source=chatgpt.com" title="RWA News: Tokenized Funds Carry Risks From Tech Failures to ... - CoinDesk">CoinDesk</a>)</li>
<li>资金为何转向？<strong>高利率环境 + 即时清算 + 可编程&amp;可组合性</strong>，使之可在 CEX/DeFi 同时用作**“有息抵押”<strong>与清算资金池。金融时报亦称 2025 年投资者</strong>大量涌入代币化短债与货币基金**，规模今年已攀升到 <strong>约 74 亿美元</strong>（口径含多基金）。(<a href="https://www.ft.com/content/24133257-62eb-41f5-9778-0be200fd3b7d?utm_source=chatgpt.com" title="Investors pile into tokenised Treasury funds">Financial Times</a>)</li>
</ul>
<p><strong>2) 代币化私人信贷（Private Credit）</strong></p>
<ul>
<li>2024–2025 年，<strong>链上私人信贷重新扩张</strong>，以机构合规架构承接真实贷款资产（保理/应收/消费分期等），S&amp;P 的专题报告将其定位为<strong>优化流动性与透明度的抓手</strong>。(<a href="https://www.spglobal.com/content/dam/spglobal/global-assets/en/special-reports/Corp_1022_TokenizedPrivateCredit.pdf?utm_source=chatgpt.com" title="Tokenized Private Credit">S&amp;P Global</a>)</li>
<li>同时风险显性化：个别平台仍出现安全/治理事件（如 2025‑08 的 Credix 攻击），提示<strong>权限管理与合规白名单更重要</strong>。(<a href="https://cryptobriefing.com/credix-exploited-attack-solana/?utm_source=chatgpt.com" title="Solana-based DeFi lender CrediX exploited; attacker granted admin ...">Crypto Briefing</a>)</li>
</ul>
<p><strong>3) 代币化黄金与大宗商品</strong></p>
<ul>
<li><strong>代币化黄金市值 2025 年接近或突破 20 亿美元</strong>，PAXG 与 XAUT 交易与流入明显放大，作为避险资产被更多场景调用。(<a href="https://www.coindesk.com/markets/2025/04/10/tokenized-gold-nears-usd2b-market-cap-as-tariff-fears-spark-safe-haven-trade?utm_source=chatgpt.com" title="Tokenized Gold Surges Above $2B Market Cap as Tariff Fears ... - CoinDesk">CoinDesk</a>)</li>
</ul>
<p><strong>4) 代币化股票/ETF 与“受限证券”上链</strong></p>
<ul>
<li>Backed Finance 等把受监管的<strong>股票/债券/ETF</strong>映射为<strong>合规则的 ERC‑20</strong>，并逐步在合规平台交易/结算。(<a href="https://www.coindesk.com/business/2025/06/30/backed-finance-debuts-tokenized-stocks-on-bybit-kraken-and-solana-defi-protocols?utm_source=chatgpt.com" title="Backed Finance Debuts Tokenized Stocks on Bybit, Kraken and Solana DeFi ...">CoinDesk</a>, <a href="https://backed.fi/?utm_source=chatgpt.com" title="Backed Finance - Tokenized Assets">backed.fi</a>)</li>
</ul>
<blockquote>
<p><strong>监管风向</strong>：</p>
<ul>
<li><strong>美国</strong>：Securitize 在 SEC 的公开材料中强调**“数字转让代理 + Broker‑Dealer + ATS”一体化合规栈**，并披露其平台<strong>已发行管理超 38 亿美元的代币化证券</strong>（2025‑05 数据）。SEC 的加密工作组备忘录也在讨论<strong>把“代币化代理/转让代理”纳入正式定义</strong>与规则更新。(<a href="https://www.sec.gov/files/ctf-written-input-securitize-050725.pdf?utm_source=chatgpt.com" title="Re: Responses to Crypto Task Force Questions related to Tokenized ...">Securities and Exchange Commission</a>)</li>
<li><strong>香港</strong>：SFC 发布<strong>面向中介与公募产品的代币化通函</strong>，明确产品代币化、二级交易、记录方式等合规要点。(<a href="https://apps.sfc.hk/edistributionWeb/api/circular/openFile?lang=EN&amp;refNo=23EC53&amp;utm_source=chatgpt.com" title="Circular - SFC">apps.sfc.hk</a>)</li>
<li><strong>机构采用</strong>：例如 OpenEden 的<strong>TBILL</strong>引入 <strong>BNY Mellon</strong> 作为<strong>投资管理人与主托管</strong>，表明传统托管/审计体系与链上基础设施正在融合。(<a href="https://www.bny.com/corporate/global/en/about-us/newsroom/company-news/openeden-selects-bny-to-provide-investment-management-and-custody-services-for-its-tokenized-us-treasury-bills-fund.html?utm_source=chatgpt.com" title="OpenEden Selects BNY to Provide Investment Management and Custody ...">BNY</a>)</li>
</ul>
</blockquote>
<hr />
<h2 id="1-商业模式谁在赚什么钱">1. 商业模式（谁在赚什么钱）</h2>
<ul>
<li><strong>资产管理人（Issuer/基金）</strong>：管理费（AUM 基础上抽取），投顾/子顾问费；提供<strong>日更 NAV</strong>、申赎与合规披露（如 BUIDL、BENJI、JTRSY、USTB、TBILL）。(<a href="https://www.coindesk.com/markets/2025/03/25/tokenized-treasuries-hit-usd5b-milestone-as-fidelity-investments-touts-rwa-potential-as-collateral?utm_source=chatgpt.com" title="Tokenized Treasuries Hit $5B Milestone as Fidelity ... - CoinDesk">CoinDesk</a>, <a href="https://www.theasset.com/article/53651/janus-henderson-anemoy-win-us-200-million-tokenized-treasury-allocation?utm_source=chatgpt.com" title="Janus Henderson, Anemoy win US$200 million tokenized treasury ...">The Asset</a>, <a href="https://superstate.com/ustb?utm_source=chatgpt.com" title="Superstate - USTB Fund">Superstate</a>)</li>
<li><strong>代币化平台（Tokenization Platform）</strong>：一次性<strong>发行/上链</strong>费用、<strong>转让代理(TA)<strong>年费、<strong>KYC/合规</strong>与</strong>二级交易/ATS</strong>撮合费；如 Securitize 把 <strong>TA + BD + ATS</strong> 整合，服务 BlackRock、Apollo 等。(<a href="https://www.sec.gov/files/ctf-written-input-securitize-050725.pdf?utm_source=chatgpt.com" title="Re: Responses to Crypto Task Force Questions related to Tokenized ...">Securities and Exchange Commission</a>)</li>
<li><strong>托管/清算/基础设施</strong>：传统托管（BNY、Anchorage、Coinbase Custody 等）收取<strong>保管与操作费</strong>；<strong>预言机/互操作</strong>（如 Chainlink PoR/CCIP）按调用或服务订阅计费。(<a href="https://www.bny.com/corporate/global/en/about-us/newsroom/company-news/openeden-selects-bny-to-provide-investment-management-and-custody-services-for-its-tokenized-us-treasury-bills-fund.html?utm_source=chatgpt.com" title="OpenEden Selects BNY to Provide Investment Management and Custody ...">BNY</a>, <a href="https://chain.link/proof-of-reserve?utm_source=chatgpt.com" title="Proof of Reserves for Off-Chain and Cross-Chain Assets | Chainlink">Chainlink</a>)</li>
<li><strong>交易与抵押场景</strong>：CEX/衍生品所把<strong>代币化国债</strong>纳入<strong>抵押物白名单</strong>，赚取<strong>资金费率与交易手续费</strong>（如 Crypto.com / Deribit 接受 BUIDL）。DeFi 侧（如许多借贷/金库）赚利差与手续费。(<a href="https://www.prnewswire.com/news-releases/blackrocks-buidl-tokenized-by-securitize-accepted-as-collateral-on-cryptocom-and-deribit-302484633.html?utm_source=chatgpt.com" title="BlackRock's BUIDL, Tokenized by Securitize, Accepted as Collateral on ...">PR Newswire</a>, <a href="https://www.coindesk.com/markets/2025/06/18/blackrocks-29b-tokenized-treasury-fund-now-accepted-as-collateral-on-cryptocom-deribit?utm_source=chatgpt.com" title="RWA News: BlackRock’s $2.9B Tokenized Treasury Fund BUIDL Accepted as ...">CoinDesk</a>)</li>
</ul>
<hr />
<h2 id="2-核心概念理解这几个就能设计系统">2. 核心概念（理解这几个就能设计系统）</h2>
<ul>
<li><strong>合规与身份</strong>：安全代币要能<strong>限制转让</strong>并验证身份。主流做法是 <strong>ERC‑3643（又称 T‑REX）</strong> 标准 + <strong>ONCHAINID</strong> 身份体系，实现<strong>基于 KYC/属地/资质的白名单转账</strong>。(<a href="https://www.erc3643.org/?utm_source=chatgpt.com" title="ERC3643 - The Token Standard for RWA Tokenization">erc3643.org</a>, <a href="https://docs.erc3643.org/erc-3643/smart-contracts-library/onchain-identities?utm_source=chatgpt.com" title="Onchain identities - ERC3643">docs.erc3643.org</a>)</li>
<li><strong>转让代理 / 份额登记（Transfer Agent）</strong>：发行人的<strong>权属登记源</strong>。美国实践把<strong>链上账本</strong>作为转让代理的记账工具之一正被讨论/采纳（SEC 相关备忘录/发言）。(<a href="https://www.sec.gov/about/divisions-offices/division-trading-markets/transfer-agents?utm_source=chatgpt.com" title="Transfer Agents - SEC.gov">Securities and Exchange Commission</a>)</li>
<li><strong>NAV/储备证明（Proof‑of‑Reserve, PoR）与预言机</strong>：链上需要<strong>净值/储备</strong>可信喂价与审计，Chainlink PoR 已成为主流做法之一。(<a href="https://chain.link/proof-of-reserve?utm_source=chatgpt.com" title="Proof of Reserves for Off-Chain and Cross-Chain Assets | Chainlink">Chainlink</a>)</li>
<li><strong>可组合性与抵押</strong>：BUIDL 等被纳入交易所/协议抵押，**“可赚息的抵押物”**成为新范式（减少闲置资金的机会成本）。(<a href="https://www.coindesk.com/markets/2025/06/18/blackrocks-29b-tokenized-treasury-fund-now-accepted-as-collateral-on-cryptocom-deribit?utm_source=chatgpt.com" title="RWA News: BlackRock’s $2.9B Tokenized Treasury Fund BUIDL Accepted as ...">CoinDesk</a>)</li>
<li><strong>许可式 DeFi（Permissioned DeFi）</strong>：如 <strong>Aave Arc</strong> 对机构开放 KYC 池，满足合规访问 DeFi。(<a href="https://blockworks.co/news/aave-arc-to-provide-30-financial-institutions-access-to-private-pools-of-defi-liquidity?utm_source=chatgpt.com" title="Aave Arc to Provide 30 Financial Institutions Access to Private Pools ...">Blockworks</a>)</li>
</ul>
<hr />
<h2 id="3-主流玩法机构与开发者都在做什么">3. 主流玩法（机构与开发者都在做什么）</h2>
<ol>
<li>
<p><strong>“有息美元”替代稳定币</strong></p>
<ul>
<li>申购代币化短债/货币基金（BUIDL/USTB/TBILL/JTRSY 等），<strong>钱包里直接滚息</strong>；在 CEX/DeFi 抵押、赚利差/资金费。(<a href="https://www.coindesk.com/markets/2025/03/25/tokenized-treasuries-hit-usd5b-milestone-as-fidelity-investments-touts-rwa-potential-as-collateral?utm_source=chatgpt.com" title="Tokenized Treasuries Hit $5B Milestone as Fidelity ... - CoinDesk">CoinDesk</a>)</li>
</ul>
</li>
<li>
<p><strong>合规抵押 &amp; 套利/循环（Looping）</strong></p>
<ul>
<li>把<strong>有收益代币</strong>抵押借出稳定资产，再循环买入，做<strong>低波动 Carry</strong>（接近传统回购/质押融资逻辑），注意仓位与强平阈值。(<a href="https://www.coindesk.com/coindesk-indices/2025/08/20/the-era-of-real-world-assets-defi-looping-is-here?utm_source=chatgpt.com" title="The Era of Real-World Assets DeFi Looping is Here">CoinDesk</a>)</li>
</ul>
</li>
<li>
<p><strong>协议金库/稳定币的 RWA 抵押</strong></p>
<ul>
<li>如 <strong>Frax v3</strong> 明确用<strong>短久期美债/逆回购/MMF</strong>作为抵押组合的一部分（依 IORB 利率切换）。(<a href="https://docs.frax.finance/frax-v3-100-cr-and-more/rwas?utm_source=chatgpt.com" title="RWAs | Frax Finance">Frax Finance</a>)</li>
</ul>
</li>
<li>
<p><strong>私人信贷的“链上版 ABS”</strong></p>
<ul>
<li>用 Centrifuge/Maple 等把真实借款池上链，<strong>分层/风控/披露</strong>更细，但务必把权限/托管/签名安全做扎实（Credix 事件为戒）。(<a href="https://www.spglobal.com/content/dam/spglobal/global-assets/en/special-reports/Corp_1022_TokenizedPrivateCredit.pdf?utm_source=chatgpt.com" title="Tokenized Private Credit">S&amp;P Global</a>, <a href="https://cryptobriefing.com/credix-exploited-attack-solana/?utm_source=chatgpt.com" title="Solana-based DeFi lender CrediX exploited; attacker granted admin ...">Crypto Briefing</a>)</li>
</ul>
</li>
<li>
<p><strong>Real‑world 数据与风控</strong></p>
<ul>
<li>使用 PoR/NAV 预言机、引入<strong>合规身份凭证（Verite/ONCHAINID）</strong>，把<strong>线下审计与链上状态</strong>打通。(<a href="https://www.circle.com/blog/unlocking-decentralized-identity-with-verite?utm_source=chatgpt.com" title="Unlocking Decentralized Identity with Verite - Circle">Circle</a>, <a href="https://chain.link/proof-of-reserve?utm_source=chatgpt.com" title="Proof of Reserves for Off-Chain and Cross-Chain Assets | Chainlink">Chainlink</a>)</li>
</ul>
</li>
</ol>
<blockquote>
<p><strong>注意事项</strong>：房地产等垂类仍存在<strong>信息不对称与运营难题</strong>（如 RealT 的租赁/维护争议），对散户并不“无脑友好”。(<a href="https://nypost.com/2025/02/12/real-estate/thousands-of-detroit-renters-fall-prey-to-crypto-chaos/?utm_source=chatgpt.com" title="Thousands of Detroit renters fall prey to crypto chaos - and owners are being slammed as 'slumlords'">New York Post</a>)</p>
</blockquote>
<hr />
<h2 id="4-作为后端开发如何参与含技术栈">4. 作为后端开发，如何参与（含技术栈）</h2>
<h3>你能切入的 6 个具体岗位/方向</h3>
<ol>
<li><strong>发行&amp;登记栈</strong>：做<strong>转让代理/份额登记</strong>的后台服务，管理申购/赎回/分红/名册同步；对接托管行与链上合约。参考 <strong>ERC‑3643 + ONCHAINID</strong> 的<strong>白名单转让</strong>与<strong>身份注册</strong>逻辑。(<a href="https://www.erc3643.org/?utm_source=chatgpt.com" title="ERC3643 - The Token Standard for RWA Tokenization">erc3643.org</a>, <a href="https://erc-3643.github.io/documentation/docs/suite/identity-registry/?utm_source=chatgpt.com" title="Identity Registry | ERC3643 documentation - GitHub Pages">erc-3643.github.io</a>)</li>
<li><strong>合规 KYC/凭证</strong>：实现 <strong>Verite/ONCHAINID</strong> 的<strong>凭证签发与校验</strong>微服务（Webhook + 可验证凭证(VC) + 钱包签名），把<strong>KYC 结果</strong>变成<strong>可复用的链上通行证</strong>。(<a href="https://www.circle.com/blog/unlocking-decentralized-identity-with-verite?utm_source=chatgpt.com" title="Unlocking Decentralized Identity with Verite - Circle">Circle</a>)</li>
<li><strong>NAV/PoR 预言机喂价</strong>：从基金管理人/托管人拉取 NAV 与持仓快照，生成有效签名，喂给链上合约（可使用 Chainlink External Adapter/Functions）。(<a href="https://chain.link/proof-of-reserve?utm_source=chatgpt.com" title="Proof of Reserves for Off-Chain and Cross-Chain Assets | Chainlink">Chainlink</a>)</li>
<li><strong>可编程抵押与结算</strong>：为 CEX/机构/协议提供<strong>可赚息抵押</strong>接口（例：接入 BUIDL 作为保证金），做<strong>风控阈值/折扣率/强平流程</strong>。(<a href="https://www.coindesk.com/markets/2025/06/18/blackrocks-29b-tokenized-treasury-fund-now-accepted-as-collateral-on-cryptocom-deribit?utm_source=chatgpt.com" title="RWA News: BlackRock’s $2.9B Tokenized Treasury Fund BUIDL Accepted as ...">CoinDesk</a>)</li>
<li><strong>合规的“许可式 DeFi”后端</strong>：集成 <strong>Aave Arc</strong>/whitelist 流程、KYC 审批与链上授权，中台以事件驱动方式（Kafka/Redis Stream）维护<strong>身份→额度→交易</strong>三元约束。(<a href="https://blockworks.co/news/aave-arc-to-provide-30-financial-institutions-access-to-private-pools-of-defi-liquidity?utm_source=chatgpt.com" title="Aave Arc to Provide 30 Financial Institutions Access to Private Pools ...">Blockworks</a>)</li>
<li><strong>数据与合规审计</strong>：对接审计与监管报送，输出<strong>可追溯事件日志</strong>（append‑only），把<strong>链上事件索引</strong>与<strong>离线凭证</strong>统一入库，支持<strong>监管抽查</strong>与<strong>投资者报表</strong>。</li>
</ol>
<h3>推荐技术栈（后端视角）</h3>
<ul>
<li><strong>链上/标准</strong>：EVM（Ethereum/L2）、必要时 Solana；<strong>ERC‑20 / ERC‑4626（金库）/ ERC‑3643（合规安全代币）/ ERC‑1400（安全代币族）</strong>。(<a href="https://www.erc3643.org/?utm_source=chatgpt.com" title="ERC3643 - The Token Standard for RWA Tokenization">erc3643.org</a>, <a href="https://www.polymath.network/erc-1400?utm_source=chatgpt.com" title="ERC 1400 - The Security Token Standard | Polymath">polymath.network</a>)</li>
<li><strong>身份与合规模块</strong>：<strong>ONCHAINID（ERC‑734/735）</strong>、<strong>Verite</strong>（VC/VP）、常用 KYC 提供商（Jumio/Trulioo 等，按你的合规要求选型）。(<a href="https://docs.erc3643.org/erc-3643/smart-contracts-library/onchain-identities?utm_source=chatgpt.com" title="Onchain identities - ERC3643">docs.erc3643.org</a>, <a href="https://www.ledgerinsights.com/block-circle-coinbase-create-decentralized-identity-solution-for-kyc-blockchain-transactions/?utm_source=chatgpt.com" title="Block, Circle, Coinbase create decentralized identity solution for KYC ...">Ledger Insights</a>)</li>
<li><strong>预言机与互操作</strong>：<strong>Chainlink PoR / Data Feeds / CCIP</strong>；（或 RedStone 等，视产品选择）。(<a href="https://chain.link/proof-of-reserve?utm_source=chatgpt.com" title="Proof of Reserves for Off-Chain and Cross-Chain Assets | Chainlink">Chainlink</a>, <a href="https://blog.redstone.finance/2025/06/26/real-world-assets-in-onchain-finance-report/?utm_source=chatgpt.com" title="Real-World Assets in Onchain Finance Report RedStone blog">RedStone blog</a>)</li>
<li><strong>合约与索引</strong>：Solidity（Hardhat/Foundry）、事件索引（The Graph/Substreams 或自建 ETL），审计工具（Slither、Mythril）。</li>
<li><strong>后端框架</strong>：TypeScript/Node.js 或 Python（FastAPI）、消息队列（Kafka/Redpanda）、数据库（PostgreSQL + 事件溯源/审计表），对象存储（审计材料、对账凭证）。</li>
<li><strong>安全与托管集成</strong>：HSM/KMS、签名服务、托管/火墙联通（Fireblocks/Anchorage/Coinbase Custody 等）。Aave Arc 的实践常与 Fireblocks 白名单联动。(<a href="https://crypto.news/aave-fireblocks-defi-institutions-aave-arc/?utm_source=chatgpt.com" title="Aave, Fireblocks Fostering DeFi Accessibility to Institutions via Aave Arc">crypto.news</a>)</li>
<li><strong>运维与合规</strong>：全链路可观测（OpenTelemetry）、WORM/不可变日志、地理冗余；合规报告（Reg‑Tech）适配 SEC/FINRA 或本地监管。</li>
</ul>
<h3>参考的目标架构（概要）</h3>
<pre><code>[投资者门户]──┐
[发行人/运营]──┼──&gt; [合规模块(KYC/VC/ONCHAINID)] ──&gt; [白名单/身份注册服务]
[经销商/平台]──┘                                     │
                       [申赎网关]──&gt; [转让代理(TA)总账] &lt;──&gt; [托管行/基金后台]
                             │                         │
                             ├──&gt; [NAV/PoR 抓取/签名服务] ──&gt; [Chainlink/自建预言机]
                             │
                             └──&gt; [结算/抵押服务] ──&gt; [CEX/DeFi（例如 Aave Arc、衍生品所）]
</code></pre>
<h3>90 天可执行路线（不等人、直接干）</h3>
<ul>
<li><strong>第 1–2 周</strong>：选定<strong>单一赛道</strong>做 MVP——例如 <strong>“基于 ERC‑3643 的许可式国债份额金库”</strong>。完成合约雏形（资产合约 + 身份注册 + 合规转让）。(<a href="https://www.erc3643.org/?utm_source=chatgpt.com" title="ERC3643 - The Token Standard for RWA Tokenization">erc3643.org</a>)</li>
<li><strong>第 3–4 周</strong>：接入 <strong>ONCHAINID</strong> 与 <strong>Verite</strong> 的身份凭证流；完成<strong>白名单转账</strong>与<strong>合规模拟</strong>（测试凭证/测试网）。(<a href="https://docs.erc3643.org/erc-3643/smart-contracts-library/onchain-identities?utm_source=chatgpt.com" title="Onchain identities - ERC3643">docs.erc3643.org</a>, <a href="https://www.circle.com/blog/unlocking-decentralized-identity-with-verite?utm_source=chatgpt.com" title="Unlocking Decentralized Identity with Verite - Circle">Circle</a>)</li>
<li><strong>第 5–6 周</strong>：做 <strong>NAV/PoR 预言机</strong> POC（从公开数据/模拟托管拉 NAV，签名上链）；打通事件索引→报表导出。(<a href="https://chain.link/proof-of-reserve?utm_source=chatgpt.com" title="Proof of Reserves for Off-Chain and Cross-Chain Assets | Chainlink">Chainlink</a>)</li>
<li><strong>第 7–9 周</strong>：对接一个<strong>抵押用例</strong>（本地模拟或接入测试环境），实现<strong>有息抵押</strong>的资金曲线与风控阈值。参考 BUIDL 作为抵押的真实案例逻辑。(<a href="https://www.coindesk.com/markets/2025/06/18/blackrocks-29b-tokenized-treasury-fund-now-accepted-as-collateral-on-cryptocom-deribit?utm_source=chatgpt.com" title="RWA News: BlackRock’s $2.9B Tokenized Treasury Fund BUIDL Accepted as ...">CoinDesk</a>)</li>
<li><strong>第 10–12 周</strong>：补齐 <strong>审计日志/风控告警/穿透式报表</strong>，做渗透与权限测试（重点：多签/角色/升级保护）。</li>
</ul>
<hr />
<h2 id="附你需要知道的事实坐标便于和业务方合规沟通">附：你需要知道的事实坐标（便于和业务方/合规沟通）</h2>
<ul>
<li><strong>代币化国债与货币基金</strong>在 2025 年快速增长，<strong>3 月突破 50 亿美元</strong>，且<strong>多个交易所接受其为抵押</strong>；投资者**“从零息稳定币转向有息美元”**趋势明显。(<a href="https://www.coindesk.com/markets/2025/03/25/tokenized-treasuries-hit-usd5b-milestone-as-fidelity-investments-touts-rwa-potential-as-collateral?utm_source=chatgpt.com" title="Tokenized Treasuries Hit $5B Milestone as Fidelity ... - CoinDesk">CoinDesk</a>)</li>
<li><strong>金融时报</strong>报道：2025 年投资者<strong>大举涌入</strong>代币化短债/货币基金，<strong>规模约 74 亿美元</strong>（口径包含多机构产品）。(<a href="https://www.ft.com/content/24133257-62eb-41f5-9778-0be200fd3b7d?utm_source=chatgpt.com" title="Investors pile into tokenised Treasury funds">Financial Times</a>)</li>
<li><strong>Securitize</strong> 在提交给 <strong>SEC</strong> 的书面材料中称，平台<strong>已代币化证券总量超 38 亿美元</strong>，并阐述了<strong>数字转让代理/代币化代理</strong>的监管建议方向。(<a href="https://www.sec.gov/files/ctf-written-input-securitize-050725.pdf?utm_source=chatgpt.com" title="Re: Responses to Crypto Task Force Questions related to Tokenized ...">Securities and Exchange Commission</a>)</li>
<li><strong>香港 SFC</strong> 已明确<strong>公募产品代币化</strong>与<strong>中介代币化证券活动</strong>的监管要求，适合在港业务落地对标。(<a href="https://apps.sfc.hk/edistributionWeb/api/circular/openFile?lang=EN&amp;refNo=23EC53&amp;utm_source=chatgpt.com" title="Circular - SFC">apps.sfc.hk</a>)</li>
<li><strong>代币化黄金</strong>在 2025 年成为热门避险资产之一，<strong>市值接近/突破 20 亿美元</strong>。(<a href="https://www.coindesk.com/markets/2025/04/10/tokenized-gold-nears-usd2b-market-cap-as-tariff-fears-spark-safe-haven-trade?utm_source=chatgpt.com" title="Tokenized Gold Surges Above $2B Market Cap as Tariff Fears ... - CoinDesk">CoinDesk</a>)</li>
</ul>
<hr />
<h2 id="风险清单工程与合规都要重视">风险清单（工程与合规都要重视）</h2>
<ul>
<li><strong>合规边界</strong>：确认发行地、分销地、投资者资质（专业/零售）、二级流通场景（仅ATS/私域可转？）。参考 SFC 通函条款与美国 <strong>TA/ATS/BD</strong> 监管框架。(<a href="https://apps.sfc.hk/edistributionWeb/api/circular/openFile?lang=EN&amp;refNo=23EC53&amp;utm_source=chatgpt.com" title="Circular - SFC">apps.sfc.hk</a>, <a href="https://www.sec.gov/about/divisions-offices/division-trading-markets/transfer-agents?utm_source=chatgpt.com" title="Transfer Agents - SEC.gov">Securities and Exchange Commission</a>)</li>
<li><strong>托管与破产隔离</strong>：务必核实<strong>SPV/托管安排</strong>与<strong>破产隔离</strong>（如 TBILL 的托管/投管由 BNY 负责）。(<a href="https://www.bny.com/corporate/global/en/about-us/newsroom/company-news/openeden-selects-bny-to-provide-investment-management-and-custody-services-for-its-tokenized-us-treasury-bills-fund.html?utm_source=chatgpt.com" title="OpenEden Selects BNY to Provide Investment Management and Custody ...">BNY</a>)</li>
<li><strong>预言机/数据源</strong>：NAV/储备证明需要多路校验与回滚策略，避免<strong>单点预言机/签名漂移</strong>。(<a href="https://chain.link/proof-of-reserve?utm_source=chatgpt.com" title="Proof of Reserves for Off-Chain and Cross-Chain Assets | Chainlink">Chainlink</a>)</li>
<li><strong>权限与签名安全</strong>：多签/门限签，最小权限；Credix 事件表明<strong>多签权限管理失误</strong>会导致资金被提走。(<a href="https://cryptobriefing.com/credix-exploited-attack-solana/?utm_source=chatgpt.com" title="Solana-based DeFi lender CrediX exploited; attacker granted admin ...">Crypto Briefing</a>)</li>
<li><strong>流动性错配</strong>：T+0/T+1 申赎与二级交易深度不一致时，需设计<strong>赎回闸门/费用</strong>与<strong>市价偏离预警</strong>。</li>
</ul>
<hr />
<h3>如果你要立刻动手</h3>
<ul>
<li>
<p>选择一个“<strong>合规白名单 + 有息抵押</strong>”的<strong>最小可行产品</strong>：</p>
<ul>
<li><strong>合约</strong>：ERC‑3643 资产合约 + 身份注册（ONCHAINID）+ 金库（ERC‑4626）。</li>
<li><strong>后端</strong>：KYC→VC 签发→白名单→申赎→转让代理副本账→NAV/PoR 上链。</li>
<li><strong>场景</strong>：模拟把“代币化短债份额”作为<strong>保证金/抵押</strong>，跑通风控曲线与报表。</li>
</ul>
</li>
<li>
<p>需要我，我可以把<strong>目录结构、模块边界与事件模型</strong>按上面路线直接给你一个脚手架（Node.js/FastAPI 二选一），并填入 <strong>ONCHAINID/Verite/Chainlink</strong> 的对接示例。</p>
</li>
</ul>
<hr />
<p><strong>延伸阅读（新闻）</strong></p>
<ul>
<li><a href="https://www.ft.com/content/24133257-62eb-41f5-9778-0be200fd3b7d?utm_source=chatgpt.com">Financial Times</a></li>
</ul>
<blockquote>
<p>本文涉及的市场规模与项目示例均引用公开来源，便于你与法务、合规和业务团队对齐口径；并不构成投资建议。</p>
</blockquote>

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